The Centre has outlined a series of measures with direct implications for India’s automotive and electric mobility sectors under the Union Budget 2026, presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. Rare-earth corridors and magnet manufacturing pushA key announcement is the creation of four rare-earth mineral corridors spanning Odisha, Kerala, Andhra Pradesh and Tamil Nadu. These corridors are aimed at supporting domestic processing and manufacturing of rare-earth materials, particularly magnets that are essential for electric motors used in electric vehicles, hybrids and several automotive components. This move builds on a ₹7,280-crore incentive package approved earlier to promote rare-earth magnet manufacturing in India. Under the scheme, the Cabinet has cleared funding support for five rare-earth magnet manufacturing plants. Incentives will be linked
The only supply chain registration you need
Unrivaled context behind every news and article for free.
Anamika Mishra,
Sub Editor
